BidaskClub downgraded shares of Magic Software Enterprises (NASDAQ:MGIC) from a hold rating to a sell rating in a research note released on Wednesday.
Several other equities research analysts have also recently commented on the stock. Zacks Investment Research cut shares of Magic Software Enterprises from a hold rating to a sell rating in a research report on Wednesday, November 28th. HC Wainwright set a $10.00 price target on shares of Magic Software Enterprises and gave the stock a buy rating in a research report on Wednesday, November 14th. Three investment analysts have rated the stock with a sell rating, one has issued a hold rating and one has issued a buy rating to the company’s stock. The stock presently has an average rating of Hold and a consensus target price of $9.75.
Shares of NASDAQ:MGIC opened at $7.86 on Wednesday. Magic Software Enterprises has a one year low of $7.75 and a one year high of $9.25. The company has a quick ratio of 3.91, a current ratio of 3.91 and a debt-to-equity ratio of 0.10. The company has a market cap of $384.21 million, a PE ratio of 14.33 and a beta of 0.80.
Magic Software Enterprises (NASDAQ:MGIC) last issued its quarterly earnings results on Tuesday, November 13th. The software maker reported $0.14 EPS for the quarter, missing the consensus estimate of $0.16 by ($0.02). Magic Software Enterprises had a return on equity of 11.02% and a net margin of 6.88%. The business had revenue of $72.14 million for the quarter, compared to analyst estimates of $73.35 million. As a group, equities research analysts forecast that Magic Software Enterprises will post 0.57 earnings per share for the current fiscal year.
Institutional investors have recently added to or reduced their stakes in the stock. Acadian Asset Management LLC bought a new position in Magic Software Enterprises during the 3rd quarter worth approximately $136,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in Magic Software Enterprises during the 3rd quarter worth approximately $139,000. Jane Street Group LLC bought a new position in Magic Software Enterprises during the 2nd quarter worth approximately $259,000. Virtu Financial LLC bought a new position in Magic Software Enterprises during the 3rd quarter worth approximately $455,000. Finally, Ramsey Quantitative Systems boosted its stake in Magic Software Enterprises by 54.4% during the 3rd quarter. Ramsey Quantitative Systems now owns 60,989 shares of the software maker’s stock worth $518,000 after acquiring an additional 21,479 shares during the last quarter. 14.73% of the stock is currently owned by institutional investors and hedge funds.
About Magic Software Enterprises
Magic Software Enterprises Ltd. provides proprietary application development, business process integration, vertical software solutions, and IT outsourcing software services in Israel and internationally. The company's Software Services segment develops, markets, sells, and supports a proprietary and none proprietary application platform, software applications, and business and process integration solutions and related services.
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